Pfizer and Moderna report staggering profits from the sale of the COVID-19 vaccine

Pfizer and Moderna, makers of the two most popular COVID-19 vaccines in the United States, reported huge quarterly profits this week driven by the coronavirus pandemic.

Moderna tripled its net revenue in the first quarter of 2022 compared to the first quarter of 2021, pushing into its pocket nearly $ 6 billion from sales of the COVID-19 vaccine, the company reported on Wednesday. Pfizer’s profit rose 61 percent to nearly $ 8 billion in the first quarter, it said Tuesday.

There are only three vaccines against COVID-19 approved for use in the United States. 217 million doses of Modern injections and 341 million doses of Pfizer have been administered in the United States since the injections were approved nearly a year and a half ago, according to the Centers for Disease Control and Prevention (CDC). The third available injection, from Johnson & Johnson, was administered only 18.7 million times.

Moderna jumped well above Wall Street’s expectations for this quarter, reporting earnings of $ 8.58 per share compared to analysts ’forecasts of $ 5.18 per share, according to the Associated Press. Pfizer also exceeded expectations, earning $ 1.62 per share compared to forecasts of $ 1.49 per share. (RELATED: FDA finally admits we should treat COVID-19 like the flu)

Both companies may have more money on the way. The Food and Drug Administration (FDA) announced Thursday that it is drastically restricting the use of vaccines for which Johnson & Johnson vaccine is allowed, due to concerns about rare but serious blood clots. Moderna said it already has $ 21 billion in sales contracts for 2022, and the company has doubled its number of full-time employees over the past year.

As for Pfizer, there is likely to be increased demand for its Paxlovid antiviral pill, which is used as an early treatment for COVID-19. Paxlovid had sales of $ 1.5 billion in the first quarter. Both drug manufacturers are asking the FDA to approve their vaccines for children under the age of five in the coming weeks.

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